Here’s what’s missing in the Queenstown market right now: 

North Island and Australian buyers. Two years ago, for every local buyer, there was an Aucklander intending to work remotely and an Australian snapping up a “cheap” holiday home.

Now? It’s almost all locals (with the odd South Islander in the mix).

At Weka, four of our last five sales were to locals or South Islanders. That shift is changing where people are buying and how they buy. 

Aucklanders and Aussies loved Jacks Point.  Locals? Not so much — higher prices, extra fees, and increasing density are turn-offs.

Instead, locals are snapping up:  Arrowtown, Frankton, Arthurs Point, Quail Rise, Lake Hayes Estate.

Why?  Bigger sections. More space for kids. Better value.

A recent Lake Hayes Estate home & income drew five offers — all local-driven demand.

And, locals often have a house to sell – meaning conditional offers and a sale process that takes longer.

One constant:  “Affordable” standalone homes still fly.  (“Affordable” now = under $1.2m… yep crazy-town stuff.)

With global uncertainty and fuel costs up, I don’t think we can expect the Aussies and North Islanders back just yet.

For now, this is a locals’ market.